First Lien Event of Default definition

First Lien Event of Default means an “Event of Default” as defined in the First Lien Credit Agreement.

First Lien Event of Default means any “Event of Default” as defined in the First Lien Loan Agreement.

First Lien Event of Default shall not in and of itself constitute an Event of Default under this paragraph until the earlier to occur of (x) a period of 60 days has elapsed following notice of such First Lien Event of Default from the administrative agent or any lender under the First Lien Credit Agreement to the Borrower, or from the Borrower to such administrative agent or any such lender, and (y) the acceleration of the maturity of any of the loans or the termination of any of the commitments under the First Lien Credit Agreement in connection with such First Lien Event of Default or the exercise of any remedies by the lenders or the administrative agent under the First Lien Credit Agreement in connection with such First Lien Event of Default;

Examples of First Lien Event of Default in a sentence

• No First Lien Collateral Agent shall be deemed to have knowledge of any First Lien Event of Default under any First Lien Credit Documents unless and until written notice describing such First Lien Event of Default and referencing the applicable agreement is given to a Responsible Officer of such First Lien Collateral Agent by the Applicable First Lien Representative, the First Lien Representative related to the applicable First Lien Obligations or a Grantor.

• Notwithstanding the foregoing, the Collateral Agent shall have the right upon a First Lien Event of Default, to notify, or require any Grantor to notify, any obligors with respect to any such amounts of the existence of the security interest created hereby.

• Notwithstanding anything to the contrary in this Agreement or any other Secured Debt Document, the Collateral Agent shall only issue Entitlement Orders or instructions with respect to Deposit Accounts, Securities Accounts, Security Entitlements, Commodity Accounts and Commodity Contracts upon the occurrence and during the continuance of a First Lien Event of Default.

• Upon receiving a written notice of a First Lien Event of Default from the First Lien Collateral Agent and a statement from the First Lien Collateral Agent that the First Lien Collateral Agent has succeeded to all rights and obligations of Counterparty under the Agreement, Guarantor will accept any demands or instructions solely from the First Lien Collateral Agent and shall make payments only as instructed by the First Lien Collateral Agent.

• The Collateral Agent agrees with each Grantor that the Collateral Agent shall not give any such instructions or withhold any withdrawal rights from any Grantor, unless a First Lien Event of Default has occurred and is continuing.

More Definitions of First Lien Event of Default

First Lien Event of Default shall have the meaning assigned to such term in Article VII.

First Lien Event of Default means each “Event of Default” as defined in the First Lien Intercreditor Agreement.

First Lien Event of Default shall have the meaning assigned such term in Section 7.01(p).

First Lien Event of Default shall not in and of itself constitute an Event of Default under this paragraph unless (x) such First Lien Event of Default shall not be cured or waived within a period of 45 days following the occurrence thereof or (y) the loans under the First Lien Credit Agreement accelerate or mature or the commitments thereunder terminate as a result of such First Lien Event of Default or the lenders, the administrative agent or the collateral agent under the First Lien Credit Agreement exercise any remedies as a result of such First Lien Event of Default;

First Lien Event of Default shall have the meaning assigned thereto in Section 7.01(g).

First Lien Event of Default means any event or condition that, under the terms of any credit agreement, indenture or other agreement governing any Series of First Lien Debt (as defined in the Intercreditor Agreement) causes, or permits holders of First Lien Debt outstanding thereunder (with the giving of notice or the lapse of time, or both, to the extent applicable) to cause, the First Lien Debt outstanding thereunder to become immediately due and payable.

First Lien Event of Default means an “Event of Default” under and as defined in any First Lien Document.